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DOVU - Creating A Circular Economy On Blockchain
DOVU is transforming the data distribution and consumption ecosystem. They are creating an amazing way to exchange data between consumers and people interested in their data. It is the missing piece of the puzzle, so to speak, that the data industry has been lacking until now. DOVU allows for individuals or organizations to control access to their data. In return for the sharing of data, DOV tokens are received which have monetary value. The DOVU protocol encourages the development of many decentralized apps. These are based on the Ethereum platform, which is the most widely used platform for dApps today. There are endless opportunities for use of the DOVU protocol.
In the current marketplace, there is no reward system in place for the population to receive rewards in exchange for sharing their data. Think of how great it would be to be paid for creating and sharing your data. Blockchain is the perfect platform for data sharing. It provides verifiable proof of contributions, and can then deliver fair compensation.
Take using an autonomous car service in the future as an example. When you ride in the car, insurance considerations may be recorded in the form of smart contracts. Then usage based micropayments can be used to allow the DOVU ledger to compensate you for sharing this information.
All together, the DOVU platform has three components to it. They are the DOV token, DOVU protocol, and DOVU API marketplace. The main part of the product is the DOVU protocol. This allows for the creation of many decentralized apps. The transactions that are performed on these apps use the DOV token. Last, the DOVU API marketplace will simplify development and access to data. This marketplace is the first decentralized app to be built on the protocol. It is able to tie together the data exchange and payment model. This is just the beginning for what the platform is capable of. It is an exciting time to be involved in this business.
DOVU is really focused on the transportation segment of the market. They have received funding from a number of large and influential investors including Jaguar Land Rover, InMotion Ventures, and Creative England. DOVU also has excellent advisors who are well positioned in the professional industry.
Data providers are able to create the definitions of a smart contract and the associated rewards. The owners of the data have the ability to change permissions or cancel the contract. This is a large change from the way things currently work. Typically, people have very little control over how their data is used or sold. Also, they never receive any compensation for having their data used. By utilizing these smart contracts on blockchain, the public is finally able to receive fair payment.
The highly secure SHA-256 Hash Algorithm will be used so people can be confident of secure transactions. Smartphone apps and computers are two ways to use the DOVU protocol. Another potential use example is the following. You can perhaps allow your smart phone to track your movements during a trip, and then allow your data to be shared for tokens. Then maybe you could use those tokens to get a discount on your bus fees going home. Each user will need a wallet to store payments from sharing data. The wallet will be identified by a public key which uses Ethereum. Ethereum wallets are secure and easy to use. There are many advantages to using a system like this. It provides a fair and transparent platform for all parties involved. This technology is just in the beginning stages, and there is much room for growth. There is a huge need for this type of platform, and it is a great time to invest. You can see more details about this project at the links below.
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